Urban News

The Greater Mohali Area Development Authority (GMADA) today ruled out any extension in the time limit for its much sought after first residential urban estate Aerocity coming up in the vicinity of upcoming international airport here.

Rejecting the demand from different quarters, including banks, to extend the last date for filing the applications for the scheme from July 6, the GMADA authorities have found no reason to further extend the one-month time limit when 3.5 lakh brochures have already been sold with a week still left for the scheme to close down.

Confirming the development, GMADA Estate Officer (EO) Balbir Singh told Newsline that still the demand for more brochures is pouring in and the overwhelming response to own an affordable house that also in the immediate neighbourhood of the airport has proved wrong all initial estimates and targets framed for the scheme.

“We hope to sell between 25,000-50,000 more brochures till the scheme closes,” said Singh, while stating that sale of 4 lakh brochures for 4,000 freehold plots ranging between 5 marla to 1 kanal size shows the success of the scheme.

Meanwhile, the scheme for 1984 riot victims, who have been offered 5 per cent reservation in the scheme, was being finalised and will be announced very shortly.

“We are finalising the terms and conditions besides eligibility criteria for the beneficiaries and will soon issue separate brochures for them with one month period to apply,” revealed GMADA EO.

With 5 per cent reservation quota to riot victims offered after the launch of the scheme, the total reservation in the scheme has risen to 36 per cent, leaving only 2560 plots for general category applicants.

 As per the precedent, almost 60 per cent of the total sold brochures are returned back for applications and going by it, GMADA hopes to receive around 2.5 lakh applications if 4 lakh brochures are sold.

BANKS MAKE HAY
Banks are making hay as the scheme nears closure. Facing stiff competition, almost all public and private sector banks are offering total advance of earnest money required to be deposited with the application form at 7.5 per cent per annum interest rate, which requires the applicant to pay upfront charges of Rs 22,500 for availing Rs 6 lakh earnest money advance for one kanal plot as interest for 6 months charged in advance.